A Facebook-led protest urged Americans to close their accounts at the nation’s biggest banks this Saturday, telling consumers “move your money” to a local bank or credit union. Just under 86,000 Facebook users had RSVP’ed to …
Banking
650,000 Americans Switched to Credit Unions Last Month
According to a survey conducted by the trade association that represents credit unions, fed-up customers of big banks aren’t waiting until this Saturday’s “Bank Transfer Day” to cash out and take their banking business somewhere else.
Still Reason to Drop Big Banks, Even After They Drop Debit Card Fees
Weeks after stirring up consumer outrage with a proposed $5 monthly fee for debit card usage, Bank of America is now following its big bank colleagues by abandoning plans for the fee. Throughout the debit card fee saga, smaller …
Bank of America Not Charging a Debit Fee After All
After a month-long firestorm in reaction to its plans to charge most customers $5 a month to use their debit cards for purchases beginning next year, Bank of America just announced that it’s abandoning plans for the fee.
Banks Back Off Unpopular Debit Card Fees
Updated Oct. 31, 3:30 p.m.
A month after Bank of America announced plans for a widely derided $5 monthly fee for debit card use, BofA, Wells Fargo and Chase are all backing off their plans to charge for debit card use. It’s a rare about-face prompted by a groundswell of consumer anger. Will it placate furious customers, or is the …
The Big Banks That Aren’t Adding Debit Card Fees*
*What’s the asterisk for? Well, while several big banks say they won’t start charging monthly fees for debit cards a la Bank of America, in most cases they are adding other fees or changing account requirements to increase …
60 Percent of Independent Banks See Spike in New Account Openings
When Bank of America announced its $5 debit card fee and Citibank raised monthly account fees and minimum balances, consumers threw a fit, with many pledging to change banks and one woman launching a campaign for a November 5 “Bank Transfer Day.” As it turns out, some ticked-off account holders are so mad they’re not waiting until then.
“If you had more money than you knew what to do with, would you want more?”
Credit Union Guarantees Free Checking and No Debit Card Fees—Forever
One reason people give for sticking with their bank even as it adds absurd debit card fees is that soon, all financial institutions are likely to charge for these services. So why bother going through the hassle of switching banks at all? Small banks, online banks, and credit unions understand that the absence of fees helps them woo …
‘Gotcha’ Fees Force Customers to Quit Banks
Hidden bank fees are pushing the working poor out of mainstream banking and into riskier, more expensive alternatives to managing their personal finances. A new study released by the Pew Charitable Trusts provides a stark …
What the Profit Tumble at the Big Banks Means for the Economy
When Goldman Sachs can’t make money you know times are tough in the banking business. In mid-September I wrote a feature story for TIME magazine about how our nation’s banks, despite the bailout, were far from fixed, and how that …
Is There Any Point Begging Banks to Drop Debit Card Fees?
In the aftermath of Bank of America’s new $5 monthly debit card fee, politicians, consumer groups, and plain old angry consumers have denounced such fees as unfair and arbitrary, and pleaded with BofA and other financial …